Has Eike Batista’s “X” group of companies become too big to fail?
Judging by the amount of help that “Brazil Inc” has been throwing his way, one would be forgiven for thinking so. The latest to lend a helping hand? BNDES, Brazil’s development bank, which on Thursday approved a 10-year, R$935m ($464.6m) loan to Batista’s mining group, MMX Mineracao e Metalicos. Continue reading »
“This is business, not aid.”
So said Maria das Graças Foster, chief executive of Petrobras, as she announced that the state-controlled oil major is in talks with billionaire Eike Batista’s beleaguered EBX group about a potential tie-up. Continue reading »
It’s been a year to forget so far for Eike Batista, the Brazilian billionaire who once boasted that he would soon be the richest man in the world.
Shares of companies in his EBX group have taken a pounding. And now, even bondholders appear to be jumping ship. Continue reading »
Eike Batista may have lost nearly $20bn over the past year but the Brazilian billionaire still has enough friends in high places to see him through, it seems.
Shares of companies in Batista’s EBX group surged on Thursday after BTG Pactual, the Latin American investment bank run by fellow billionaire André Esteves, offered to provide credit lines and management services to the group. Continue reading »
Not so long ago, everything he touched turned to gold. Now Eike Batista’s bad luck seems to be contagious.
Anglo American’s $4bn writedown on Minas-Rio in Brazil comes about five years after it bought the cursed iron ore project from Eike in two transactions totalling $5.1bn. Continue reading »
The last company one might expect to be in acquisition mode is OGX Petróleo e Gas Participações. Readers will recall that OGX, the flagship company of Brazilian billionaire Eike Batista (pictured), disappointed investors in June when it drastically revised down its initial production forecasts.
Since then, things have not improved much. Yet OGX this week announced it is paying $270m to Brazilian oil monolith Petrobras for a 40 per cent stake in a block in the Santos Basin. Continue reading »
The giant port Eike Batista is building in Rio de Janeiro has often been called the “road to China”. Officially known as the Açu Superport, it is set to be the largest port in the Americas, serving global miners, oil companies and car manufacturers among others.
However, at the moment it is looking more like the road to nowhere. In yet another blow to the Brazilian billionaire, Batista’s logistics company LLX is struggling to reach his $40bn investment goal for the project, it seems. Continue reading »
What do you do when your flagship oil start-up has just lost billions of dollars on the stock market, you’ve been stripped of your title as Brazil’s richest man, and your son has been in the headlines for accidently killing a cyclist?….Run off and join the circus, of course.
After recently branching into the more glamorous world of music festivals and wrestling championships, Eike Batista has announced his latest business venture: promoting Cirque du Soleil in Latin America. Continue reading »
Billionaires evidently don’t win every time.
On Tuesday, Chile’s Supreme Court halted the planned $5bn Central Castilla thermoelectric power plant and port project. The court cited environmental concerns in its decision to put the kibosh on the power plant, a joint venture between Brazilian billionaire Eike Batista’s MPX Energia SA and Germany’s E.ON. Continue reading »
Never mind catching up with Mexican magnate Carlos Slim – it seems Eike Batista may not even be the richest man in Brazil any more.
Shares in his flagship oil start-up OGX slumped another 19 per cent on Thursday after plummeting 25 per cent on Wednesday. That’s about 40 per cent in two days. Taking into account the contagion effect on his other companies, which also suffered heavy losses, the last two trading sessions have wiped about $6bn off his personal wealth, according to Forbes.
That’s $6bn in less than 20 hours – not even Eike could spend his cash that fast. Continue reading »
Brazil’s Eike Batista this year boasted he would soon be the richest man in the world.
That looked even less likely on Wednesday after about R$10bn ($4.9bn) was wiped off the market value of his listed companies in just a few hours.
The losses were led by OGX, his oil firm, which slumped about 25 per cent after the company cut production targets at its initial project by as much as 75 per cent. Continue reading »
What’s good enough for Eike Batista, the world’s seventh richest man, is good enough for fellow Brazilian billionaire André Esteves.
Esteves’s BTG Pactual, Brazil’s only listed investment bank, on Thursday joined the investment rush into Colombia, Latin America’s second most populous country, with the $51.9m purchase of Bolsa Y Renta, the country’s biggest stock broker. Continue reading »
Things are hotting up for OSX, the oil services firm of Brazil’s richest man, Eike Batista. First came an order from London-based Kingfish Trading for 11 tankers. To be built at OSX´s shipyards, these will be leased to Brazil’s national oil company, Petrobras.
But now comes a reputed deal more closely linking OSX and Petrobras – a first between these two rivals, according to Brazilian newspaper Estado. Continue reading »